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ARTICLE · 22 NOVEMBER 2023

Adequate Disclosure: Where Are We Now?

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In an article for Wealth Management: Trusts & Estates, Private Wealth partner Louis Laski reviewed the historical context and recent case law surrounding disclosures of gift...

United StatesWealth Management
Katten Muchin Rosenman'S Healthcare Group
Katten Muchin Rosenman'S Healthcare Group
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In an article for Wealth Management: Trusts & Estates, Private Wealth partner Louis Laski reviewed the historical context and recent case law surrounding disclosures of gift and non-gift transactions on gift tax returns. Specifically, Louis parses through the regulations surrounding disclosures of gift and non-gift transactions pointing out important textual differences in the various provisions comprising the applicable regulation.

As part of the discussion, Louis examines the import of the Schlapfer v. Commissioner decision, which he concludes "has provided some ammunition for practitioners to fight the adequate disclosure battle but if that can be avoided at the outset (by strictly complying with the regulations), one would be prudent to do so."

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